As you know, the data collection has two types which are primary and secondary data. The primary data are collecting information from different sources such as observation, interviews, and survey or questionnaire. While the secondary data is information collected previously by someone else and it is available on the internet or journals and in a company the records. I choice primary data collection, which is a questionnaire. Thus primary data has advantages which are great control and it’s more accurate to examine the data which I collected by myself.
Qualitative data are about data that are classified as objects depending on the characteristics and traits (Upfold & Turner , 2016). It includes an interview …show more content…
What are some activities that the company does it for internal auditing of financial performance?
In general, most of the employees give same activities of internal auditing of the financial performance of this company. There are some important internal audit activities that employees apply it such as segregation of duties in the accounting department. For example, each employee has a separate role and implement the duties. Review financial transaction regularly from period to another. Also, transfer of accountability, supervisory reviews and approvals, reconciliations and physical safeguard over cash. Evaluating and assessing controls at the same time advise managers at all levels. For instance, internal audit role in this company is for evaluating and assessing internal controls in each department because everyone is part of the company and they involved in internal control. Evaluating risks by internal auditors which mean they are identifying key activities, some relevant risk factors changing some trends, business/economic and how actually as internal auditors assess risks. Finally, analyzing operations, confirm the effectiveness, confirm information and compliance …show more content…
Most employees said training seminars and planning sessions. Also, other meetings provide important feedback to management on whether controls are effective or not. Communication between top management and employees which cause successful outcomes and benefits to the company. Narrow audit skills set and focus on the employees in their work. Focus on strategy and risk which mean auditors should assess key strategic and risk-based areas. The building continues auditing programs. Establishing new adequate processes and system for accounting at the same time for